TRADING VOLUME REACTIONS TO ANNUAL ACCOUNTING EARNINGS ANNOUNCEMENTS - THE INCREMENTAL ROLE OF PREDISCLOSURE INFORMATION ASYMMETRY

被引：131

作者：

ATIASE, RK

BAMBER, LS

机构：

[1] UNIV GEORGIA,JM TULL SCH ACCOUNTING,ATHENS,GA 30602

[2] UNIV TEXAS,AUSTIN,TX 78712

来源：

JOURNAL OF ACCOUNTING & ECONOMICS | 1994年 / 17卷 / 03期

关键词：

CAPITAL MARKETS; TRADING VOLUME; PREDISCLOSURE INFORMATION ASYMMETRY;

D O I：

10.1016/0165-4101(94)90031-0

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

This study provides empirical evidence regarding the effect of annual accounting earnings announcements on investors' trading behavior. We find that the magnitude of trading volume reaction is an increasing function of both the magnitude of the associated price reaction and the level of predisclosure information asymmetry. These results are consistent with Kim and Verrecchia's (1991a) theoretical trading volume proposition.

引用

页码：309 / 329

页数：21

共 35 条

[1]

ABARBANELL J, 1993, ANAL FORECASTS PROXI

[2]

AJINKYA BB, 1991, ACCOUNT REV, V66, P389

[3] THE BEHAVIOR OF DAILY STOCK-MARKET TRADING VOLUME [J].